Obama campaign urges Romney to release tax returns

With President Obama's and Vice President Biden's 2011 tax returns now posted online, the Obama campaign is calling on Mitt Romney to release his -- as well as those going back several years.

“Mitt Romney’s defiance of decades of precedent set by presidential candidates on both sides of the aisle, including his own father, begs the question -- what does he have to hide?" Obama Campaign Manager Jim Messina asked in a statement. "Did he exploit loopholes in the tax code by keeping his investments offshore and is that why he’s protecting those loopholes now? Why did he open a Swiss bank account instead of an American bank account and establish a corporation in Bermuda instead of on our shores? Did he pay a lower income tax rate than the 13.9 percent he paid in 2010 and is that why he opposes the Buffett Rule to ensure millionaires don’t pay less taxes than middle-class families?”

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With President Obama's and Vice President Biden's 2011 tax returns now posted online, the Obama campaign is calling on Mitt Romney to release his.

Earlier this year, Romney released his 2010 tax returns, which showed he paid an effective tax rate of 13.9%, as well as an estimate of his 2011 returns.

According to Obama's 2011 returns, he paid an effective tax rate of about 20%, and Biden paid about 23%.

*** UPDATE *** Romney spokeswoman Andrea Saul replies, "It’s no surprise with the worst job creation record in modern history that President Obama would try to distract Americans from the real issues with a series of sideshows. Gov. Romney has already released his 2010 return and an estimate of his 2011 income and taxes. He will release his full 2011 return when it is filed."